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Business Reporter
THE tourism and hospitality industry has hailed the Reserve Bank of Zimbabwe for granting them the nod to retain 100 percent foreign currency, describing the move as a boon in efforts to stimulate the sector’s recovery from the negative impact of the Covid-19 pandemic.
Besides the pandemic, the sector’s players in the Eastern Highlands, particularly in Nyanga, Chimanimani, Vumba and Mutare, were also reeling from the effects of natural disasters that have struck the province over the years and resulted in the destruction of infrastructure.
Citing loss of business, the industry’s leaders had petitioned the authorities for a waiver where the export retention facility stipulates that all exporting businesses surrender 40 percent of their forex earnings to RBZ and keep the remainder.
RBZ Governor Dr John Mangudya in his 2022 Monetary Policy Statement early this week said the need to have the tourism sector recover underpinned the waiver.
Tourism Business Council of Zimbabwe president Mr Wengai Nhau welcomed the development, as they have been lobbying RBZ for the waiver.
“The latest move by RBZ is welcome for the sector. Previously we were at 60 percent retention and 40 percent surrender at the interbank rate of exchange. The industry was losing a lot of money that is potential revenue,” he said.
Mr Nhau said he is optimistic that the waiver will help speed up the sector’s recovery.
Online Reporter